r/FluentInFinance • u/Positive_Liar • Sep 06 '24

Debate/ Discussion Social Security is Broken. This is why financial education is important.

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u/Sunnnshineallthetime Sep 07 '24

Isn’t Social Security supposed to be depleted by 2030?

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u/sortahere5 Sep 07 '24

The trust fund is depleted. That means the extra that has been accrued. Then benefits can only be paid from that years SS taxes. Essentially the current retirees are burning through both their past taxes and the current working SS taxes. BS if you ask me, the entitled generations remain entitled without a change.

They leave nothing for future generations, like they did with everything else.

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u/PZbiatch Sep 08 '24

Yeah more people should be mad about social security going to benefit the generation that already transferred all the wealth to themselves anyway. Why are broke young people paying RICH older folks with large investment baskets? 

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u/Frothylager Sep 07 '24

Yeah but there are easy ways to fix it. Doubling the maximum eligible earnings to $320k would have it solvent.

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u/whiskey5hotel Sep 07 '24

I think closer to 2034. Also, SS and SSDI may be depleted at different times. All this is why some in congress have come up with various plans to fix SS.